Unity Foods losses triple to Rs596.6m

MG News | April 30, 2024 at 03:11 PM GMT+05:00

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April 30, 2024 (MLN): Unity Foods Limited (PSX: UNITY) recorded an increase of almost 3x YoY in its losses, with its loss after tax widening to Rs596.58 million [LPS: Rs0.5] compared to a loss of Rs201.7m [LPS: Rs0.17] in the same period last year (SPLY).

Going by the results, the company's sales revenue shrank 45.9% YoY to Rs15.13bn as compared to Rs27.94bn in SPLY.

The cost of sales also fell by 37.1% YoY but was lesser than proportionate to sales decline, which worsened the gross profit by 83.4% YoY to Rs875.19m in Q1 2024.

The gross margins fell significantly to 5.79% as compared to 18.90% in SPLY.

During the period under review, other income also fell by 34.3% YoY to stand at Rs228.77m in Q1 2024 as compared to Rs348.25m in SPLY.

The company’s finance cost rose by 56.3% YoY and stood at Rs1.63bn as compared to Rs1.04bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs58.28m against the Rs904.48m paid in the corresponding period of last year, depicting a fall of 93.6% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	15,125,699	27,940,058	-45.86%
Cost of sales	(14,250,514)	(22,658,182)	-37.11%
Gross Profit/ (loss)	875,185	5,281,876	-83.43%
Administrative Expenses	(201,998)	(207,196)	-2.51%
Selling And Distribution Expenses	(235,601)	(288,106)	-18.22%
Other Gains / (Losses)	304,321	(5,200,710)	-
Other Income	228,768	348,254	-34.31%
Finance Cost	(1,625,535)	(1,040,297)	56.26%
Profit/ (loss) before taxation	(654,860)	(1,106,179)	-40.80%
Taxation	58,283	904,477	-93.56%
Net profit/ (loss) for the period	(596,577)	(201,702)	195.77%
Basic earnings/ (loss) per share	(0.50)	(0.17)	-

Amount in thousand except for EPS

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